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wants to spend additional money on roads and bridges and end a number of corporate tax breaks. we will have live coverage at 11:30 a.m. eastern on c-span. >> c-span 2 provided key coverage and booktv. the only television network devoted to non-fiction books and authors. >> sweeds have been accused of trying to hide the accounts of 22 united states citizens. carl levin is calling on the justice department to hand over the names of those who used the bank at a -- to alem ledgedly avoid paying taxes. >> good morning. the meeting will come to order. the american public is angry about offshore tax abuse and efforts by americans to evade their tax obligations by hiding money offshore. today's hearing follows up on a meeting this subcommittee held in 2008 when we presented evidence that well-known banks were deliberately helping united states clients cheat on their taxes by opening offshore counts never reported to the irs despite united states law requiring their disclosure. the hearing focused in part on ubs, the largest bank in switzerland that had 52, 000 customers and $18 million in
said today he regrets the financial institutio institutioe u.s. clients avoid paying taxes. that was part of a hearing today on offshore banking. it's next on c-span2. >>> ahead of the federal reserve will testify on capitol hill tomorrow morning the senate subcommittee investigation accused the swiss bank of trying to hide the accounts of 22,000 u.s. citizens so they could avoid paying taxes. the panel headed by carl levin is called from the justice department to force the bank to hand over the names of u.s. citizen good morning everybody. the permanent subcommittee on investigations will come to order. the american public is angry about offshore tax abuse, efforts by well-off americans to ebay to their u.s. tax obligations by hiding money offshore. at today's hearing follows up on a hearing that the subcommittee held five years ago in 2008 when we presented evidence that well-known international banks located in secrecy jurisdictions were deliberately hoping u.s. clients cheat on their taxes by opening offshore accounts never reported to the irs despite a u.s. law requiri
with our u.s. tax laws and when we talk about u.s. customers, 18,900 of those accounts that closed in today there are about 3500 that have been determined are in compliance. are those numbers correct? >> those numbers are correct as of today but i would like to add that in total we have reviewed tax compliance some 6678 of which about half, 3000 have been closed and 3000 the number you have just mentioned are still with us. >> so what is the total number of accounts that we no longer have of the 22,000? >> the 18,000 number you mentioned. and if i may add mr. chairman, we had a large population of u.s. resident clients. i would say 11,000 i believe that had account balances below 1 million dollars under asset management and they were not even given the option to stay because to move to one of our fully u.s. license broker dealers you needed $1 million is the minimum balance. 18,000 of these did not have the opportunity to prove tax compliance. >> mr. cerutti your u.s. policy required that swiss accounts open for u.s. residents be concentrated in a single swiss office we talked about the sla
tax revenues from aliens hidden overseas. i don't buy their narrative. the american people shouldn't darsha the department of justice mr. cole. i ask you to keep in mind in use already available legal tools at your disposal rather than relying upon the treaty process. so i guess my first question mr. cole is niche or even if the senate ratifies the 2009 protocol to amend the convention between our two countries for the avoidance of double taxation the justice department will be no closer to obtaining information from noncompliant bank accounts close prior to 2009? >> senator that's true. the 2009 treaty only applies to matters and situations after the september 2009 time that it was put into place. >> so basically never certainly in the way we are urging information about noncompliant tank accounts that were close prior to 2009. >> i don't think that's necessarily the case. >> how do you do that then? >> the program we have is going to require that hanks even prior to 2009 go back into 2008 and provide us with the information about accounts that will enable us to make much more eff
suisse today after a senate board accused the bank for helping americans evade millions in taxes. helping hide as as it is from the government. so far the government has learned of 228 account holders. credit suisse agreed to pay a fine for violating u.s. securities laws. mike viqueira on capitol hill, there were sharp exchanges in that senate banking sub committee hearing room today. >> reporter: you're absolutely right because that investigative committee of the united states senate spent a lot of years looking into the swiss banks, sending billions of dollars into secret accounts to try to aprovide paying taxes here in u.s. it appears certain suisse bankers have nothing--james bond has nothing on suisse bankers. >> reporter: it's the stuff of countless spy novels by some senators say it's all too real. as much as $12 billion hidden away in suisse bank accounts. all secret, none of it legal, none of it taxed. top officials of credit suisse, called before a senate panel accused in a congressional report of helping 19,000 u.s. customers evade taxes through hidden accounts and ov
of shutterstock. >> "market makers" is back in a couple of minutes. credit suisse in testimony over taxes. >> brady dougan is in the hot seat. ♪ >> live from bloomberg headquarters in new york, this "mark and make -- "market makers." inbuying more real estate puerto rico. we will tell you why this is track -- attracting a lot of attention and what it means for the economy. plane new republican tax promises to track taxes at just 25%. will a simple -- >> hollywood "house of cards." how the gains have changed. hollywood's biggest stars are out there lobbying for one-on-one. welcome back. i am stephanie ruhle. >> i am erik schatzker. it is 11:00 on wednesday. >> i want george clooney knocking on my door with the dvd and a bag of popcorn in his hands thank him let's watch this movie together. >> right now in washington, it is uncertain -- uncle sam versus switzerland. the subcommittee is holding a hearing today to give the u.s. government names of american citizens who might have used those swiss bank accounts to avoid taxes. senator john mccain caught -- called the inquiry a joke. he would
tax evasion which has gone up. we have to go after the tax debaters. we should have swiss cooperation to do that. will link to turn over the names except its government won't. shame on the government that won't let the banks turnover. >> you are going to retire soon. is this your legacy? >> no. we are going to hold another one on the other side. there will be more periods. not necessary in this subject. there will be other hearings, tax avoidance. >> you think u.s. bank regulators should revoke the charter of these banks? >> independently what it would be a question for the department of justice. not independent connection or cooperation with the department of justice. the law is pretty clear. you want to operate in the united states you have to abide by our rules. operating in switzerland we should abide by swiss rules. >> what about the ubs? >> we got some results. ubs model that we want the justice department to follow here, it is all models that involves using our tools, tools of grand juries, using salmons and subpoenas and indictments that then produces the results. otherwise it
tanks -- bangs on the firing line. today was credit suisse's turn to answer. showedt 200 pages worth tax evasion. is match as $10 million was hidden assets. the vast majority of accounts were shielded from the irs. >> that brought the ceo and other top executives at swiss holes of the congress. books are investigation chronicles the uneven and halting progress made in identifying u.s. taxpayers who cheated uncle sam by using offshore accounts. a bipartisan report that we're releasing today sites chapter and verse the failure to collect taxes owed and hold accountable the u.s. persons who evaded their tax obligations and the tax havens who helped them. we learned of one swiss anchor who met with the u.s. client over breakfast that he was luxury hotel and slept the client bank account statements in between the pages of a sports illustrated magazine. instanceslarming belong in a spy novel, not at one of the world's top tanks. betweensay your call two countries laws, but when you come to this country, you send bankers into the united states, set up an office in the united states, help u.s. c
and recidivism, and enhance justice and fairness, and save tax taxpayer dollars which is a win, win, win. states that have been successful in working in this area have looked at changes to their sentencing policies and the same way that legislation that i know you and mr. scott have cosponsored. and with regard to re-entry of ex-offenders. michigan, for example, through their prisoner re-entry initiative, has slashed their budget for corrections and has reduced the overall number of beds that are available. so there are lots of great ideas in the states and i'm starting to see them at the federal level. >> several mentions of mandatory minimums. how do this coincide with the smart on crimes approach. >> the legislative trends we're seeing in congress, with the smart sentencing act, starting to take that question head on. i was actually very positive -- a couple weeks ago i now you, mr. scott, were present at roundtable in which attorney general eric holder, senator mike lee, senator rand paul, participated in a discussion about these very issues, mandatory minimum sentences and all of the aforem
billion hidden tax. that figure comes from the cato institute which, obviously, has a slant on this. first of all, when you think about it in an industry that generates about $2.7 trillion if revenue, that's a pretty low rate of taxation. but i would argue that it is really more in the nature of an investment than a tax, and it is what makes the rest of the $2.7 trillion possible. but this view of the antagonists has particularly been pervasive in health care. if you look briefly historically, teddy roosevelt first raised the issue of a national universal coverage plan in 1912 in his third party candidacy. he did not succeed. a few years later some of the states picked up the call. that brochure, i know it's hard to read the details, but on the left from 1918 was the pushback that talked about labor's socialistic attempt to take over our health care system. sound familiar? almost 100 years later. in the 1940s, harry truman proposed a similar plan. that was called socialized medicine. if you can see the puppeteer with the marionette, his two contraptions are called socialized and medicine,
later. ryan chilcote live on the phone from kiev. next, i'm going to take a thatat the tax price rate zara has to thank for that. ♪ >> first. bloomberg. in london.k barton this is "on the move." we are streaming live on your tablet, your phone and now any windows phone as well. it has the best profit margins in the industry, at least in part due to tax loopholes. loop holet tax benefit from? claimis -- a sickly, they the rights to the brand names of the in the text brands -- of the brands. when they have stores in rome or london or paris, the subsidiaries have to pay substantial royalties into this unit in the netherlands. that has the effect of moving billions of dollars of income, taxable income out of those countries and into the netherlands and switzerland, where they have a tax advantage. >> i suppose that affects margins in a different way in different countries, to? countries,fferent too? >> in the netherlands are switzerland they have very low tax rates. in italy and the u.k. and france and germany, it european markets their profit margins have been between three percent an
's tax system but it's unlikely to advance this year. republican dave camp chairs the house ways and means committee. he called for lowering the top income tax rate from 39.6% to 25%. he'd also impose a ten percent surtax on earned incomes over $450,000 dollars. house speaker john boehner would not say if the party supports the bill, and he refused to discuss the details. >> blah, blah, blah, blah. listen, there's a conversation that needs to begin. this is the beginning of the conversation. the idea of tax reform is to get our economy going again, provide better, more economic growth, more jobs, and higher wages. the way you do that is bring down rates. and to bring down rates you clean out a lot of the garbage that's in there and the special interest issues that are in there. >> ifill: the last major overhaul of the tax code was in 1986. that data breach at target stores before the holiday shopping season took a hefty toll on the company's bottom line. profit dropped 46% in the fourth quarter, and revenue slipped more than 5%. the data breach allowed hackers to steal personal i
, white americans left these cities. they'll flee away from taxes, crime, whatever. and went to suburbia. it followed them. they said why are we spending three hours a day on the long island expressway? let's move back into these cities. so for me it's about people get displaced. where the black population of new york city has declined. the hispanic or puerto rican population of new york city has declined. it's about having affordable housing so people whoever they are can live in new york city. and it's not just new york. d.c. used to be called chocolate city. chicago, they knocked down the cabrini green projects and now black people are stuck on the projects outside of chicago. >> sorry. isn't this something that has happened to in every generation to all sorts of different groups? little italy in new york has gotten smaller as parts of chinatown have grown and other neighborhoods have grown. one an area that used to be predominantly jewish then changes over to another ethnic group. you don't see this as something -- you think it's escalating? >> here's the difference, anderson. becaus
in swiss bank accounts and held avoid tax. between 2001 and 2008 a band of credit suisse bankers, they boarded planes and headed en masse to the united states on tourist visas. once in america it was time to woo possible clients. trips to miami, golf tournaments and high society cocktail party was part of the course. it was here that "sports illustrated" magazines were used to hand over bank statements on the sly. page 39, bob, that's according to one client. it all sounds very "wolf on wall street." the report claims the bank opened swiss accounts for more than 22,000 u.s. customers with assets totaling some $12 billion. that is why the u.s. is annoyed. it wants the taxes the swiss banks helped americans to dodge. our correspondent imojen foulkes is following the story from geneva. >> reporter: i think some of the detail is causing raised eyebrows in switzerland. they have a reputation for being rather cautious and careful. this comes like something out of a spy novel or a hollywood movie. the fact is the swiss do know that their big banks, credit suisse and ubs, at that period
u.s. tax evaders. we will talk credit suisse after the break. ♪ >> welcome back to "on the move ." i am manus cranny at bloomberg's european headquarters in london. these are the bloomberg top headlines. from being thene most attractive carry trade that in the emerging markets to the worst in the space of two months. as the central bank's efforts to weaken the currency caused volatility to search. the exchange rate tumbled the most since 2010 earlier this week. losing money for investors who borrowed dollars to buy the yuan. angela merkel is expected to call for a stronger european union during her visit to the u.k. today. the german chancellor arrives in london later. she will address both houses of parliament and have tea with her majesty, the queen. >> i think she is going to try to convince the u.k. to stay in europe. that there are more advantages to stay in than to get out. you can't really pick what you like and not take the rest. i think that is the main message. yatsenyuk won the support of ukraine protesters in kiev to the an interim cabinet and averted a fraud. he says law
their settlement agreements including the method of calculating the agreements and whether it is tax deductible and so on and the disclosure would be required up front at the time this is announced. now the fed doesn't have to wait for congress to do that, you could voluntarily adopt that public disclosure now. will you do that? >> i agree with you, it is important for us to disclose more and to disclose as much as we can. and we'll look at that very carefully and try to provide for mfgs. >> so in principal we're talking about more disclosure here. >> correct. >> i think this is really important because this is about accountability. we want to hold our financial institutions accountable but it means accountability for our regulatory -- >> i agree. >> and i want to follow up onp senator brown's question about too big to fail. you said we have made significant progress but much work remains to be done and i agree. but since the financial crisis in 2008, the five largest financial institutions are 38% larger than they were back then. so my question is, what evidence would you need to see before yo
. the number two swiss bank will put up a bill for helping american clients evade taxes. now the son is asking what exactly to the justice department so long to clamp down. ,ady dougan, c -- brady dougan ceo of credit suisse will be testifying in washington. we want to go to berlin where our international correspondent hans nichols is. with this into perspective with us because the sec began investigating this last year and are now just getting around to holding a hearing. why the lag? beenll, they have compiling this report, this committee report. we spent a lot of time with brady dougan. every quarter we go down and interview him. the question really today, tom, you know that swiss bankers are the most sophisticated people in the world. ifeel like i blunder when just say hello to them. today we find out whether or not an americann is banker or a swiss banker because he has got a tough, tough challenge. the facts don't reconcile. we have heard from in this morning they are talking about a handful of employees did this. the committee report said 1800 employees. they will have to reconcile thes
to a significant change but you have the anniversary of the payroll tax increase and the sequester not far away, there's hope that you'll get more economic activity translating into more consumer spending although we're not sure how that will play out because we have this potentially seminal in the way people shop. >> we had a big increase in the value of homes and macy's talks about how furniture was very strong. i mean, there are lots of people who are still putting money in homes. and that seems to be the trend that a lot of these retailers have been talking about. remember, target has a nice home business. people are spending on their homes. they are. >> now, target's q-1 profit view's a little below consennious aconsenn io consennsus, and they don't know what the data breach will cost them down the road. what is your game plan on target? >> i think the yield will hold it down. it's so funny do you know what we've got this interesting market that's the opposite of how skeptical we were coming in about retail. lowe's goes up yesterday on home deem poe doing well. low they give us a good numb
of dollars in offshore tax evasion. your goggles, upbeat about business in the u.s. even as americans get more of a taste for craft through -- craft brews. airbus stock climbs higher as the company works to boost production on its best-selling a320. good morning. welcome. you are watching "the pulse." i am guy johnson. francine lacqua is off today. what do we have for you on the show today? it is all a board brand italy. monocle magazine's latest issue is all about the country. we are live with the editor-in-chief tyler brule. we're going to cover a lot of ground. italy, beautiful but problematic. what do we do with it? let's begin with our top story of the day, and explosive report by u.s. lawmakers on credit suisse. according to a senate committee, the bank helped american customers hide as much as $10 billion in assets from the irs. that is more than double the amount previously known. hans nichols has more on the findings. he joins us from berlin. >> the numbers are shocking. more so than the numbers, the details, the salacious aspects of this report. you had secret meetings in secret
.m. in london. testifying before a senate committee on the role in tax evasion. insisted this conduct was limited to a handful of employees. hans nichols as the details from berlin. good morning. ritual to these hearings. or anyllenge to dougan, executive, is to be contrite but not give away ground to hurt shareholders. on this one key point on whether anyone would be held accountable, you kept hearing them press the question. >> how many culpable officers in key executives have you held accountable or fire the? >> we determined to shut this business down. over the course of the first two years after that i'm a we basically reduce the size of the business by about 85%. >> how many employees were fired? different credit suisse employees serviced the 22,000 u.s. linked accounts. the committee's report, only 10 of the 1800 were disciplined and no one was fired. is that an accurate statement? is largely accurate. >> why do people take money out of the country of origin and move to switzerland? historically, one of the things obviously highlighted is they are sheltering assets and income f
proposed his pet project of an income tax cut. i mean, that's something that requires a lot of belief, a lot of credibility that new jersey can actually afford. he didn't even mention it. and that's something that really appeals to his base. >> you heard from a whole bunch of prominent democrats only after your defeat in that election for governor of new jersey, whether it was the vice president, debbie wasserman schultz, the chair of the dnc, all these democrats, they basically did -- and correct me if i'm wrong -- nothing to help you beat chris christie. do they owe you an apology? >> i think it was a miscalculation on their part. i think people were taken in again, by his cult of personality, but even if you didn't buy into the fact that i could win, which i believe i could have, the fact that there was -- these issues were out there. my campaign drew attention to the fact that this administration was bumbling distribution of sandy funds. we didn't have the money to go up on tv as much as we needed to communicate that message, but we had a very robust online presence and we brought
their wealth from u-s tax collectors. a senate subcommittee report describes switzerland's second-largest bank as a "willing accomplice" whose bankers advised more than 22-thousand americans with accounts worth up to 12-billion dollars, to personally travel to switzerland to avoid paper trails, then take remote- controlled elevators for meetings where bank statements were concealed inside magazines. "credit suisse's management team regrets the action of a small group of bankers who violated us law." credit suisse no longer offers offshore accounts to americans and is cooperating with investigators.a fine of more than 800-million dollars is being discussed. more than a dozen other swiss banks are under investigation. bank of america is grappling with investigations both here and abroad. bank of america traders are under investigation along with several other bank traders around the world for foreign currency price manipulation. here in the u.s. the bac faces a federal probe for how its handling goverment backed mortgages. it's estimated bank of america might have to pay out $11 billion in pe
just on the price of the ticket excluding taxes. already this year cheating medallion status with perks like early boarding is calculated based on the price of the ticket and mileage flown. in 2015 the status will be determined by how many miles you earn. even for road warrior like george clooney's character in "up in the air," flying coach will mean fewer miles. if you buy a $950 coach ticket from new york to san francisco today, diamond status earns you about 11,600 miles. next year, it would only be about 10 stsht,400. but step up to a 3,000 business class ticket, and next year that same flight will earn you 33,000 miles. delta is aiming to make it pay for the business class flyer to buy up. delta's stock, well, trading at an all-time high today. seems some folks think this could pay off handsomely. >> and as you said, rivals will keep an eye on this as well. see if it sticks. >> we want to see what it means for delta's stock. let's bring it down with ben and joe. it is great to see you both. joe, you know the numbers here for the stock. what happens now? >> yeah, we actually think t
it as a tax evasion case. like i sold it, didn't report his taxes. we intervened. we, the state department intervened. based on the washington principles, basic unit which event as well, and what michael is done, the work nancy has been. we said this is not just a tax evasion case. look at the washington principles and publish the art which initially they wouldn't do, but now, to the great credit, about 450 pieces have been published on the internet so claims could be made. been issued is, the question u.s., the statute of limitations. i can't guarantee this is going to happen but we urged the technical defense is not be used. that's what i feel so strong our meeting should set an example and they are considering an effect creating a new law that would waive the statute of limitations as to the art that's in -- whether they will do it or not still remains to be seen but they publicly indicated they are looking at it and h it would certainly be a wonderful thing. it would be constant with the washington principles so this story never end. it never end. >> let me say about this, i hate to pr
-- biggest the tax e-mail is in after the break. >> julie is there. the u.s. investigation is hoping to reach a settlement this year. lawmakers have been looking into whether 14 swiss bank helped americans of a taxes while in an exclusive interview. the ceo says they are currently in negotiations with authorities. we are currently in discussion with the department finding a on ways of settlement. we have been already out there for four years. for us it's not something new. we are looking to find a settlement this year. >> is this the start of a cleanup and switzerland's financial industry? in singapore or hong kong or london. everyone will have higher acceptance, client of diligence, and i think ultimately this is good for financial services, for the integrity of the system, clients that maybe were working on an undeclared basis in the past are slowly in the age where they are facing succession, and the new , theytion of clients don't want to have anything to do with the money because they don't understand it. they prefer to have less, but that is money that can be moved freely. of the clampd
kinds of stuff. something about how bankers are accused of helping rich people of dodging taxes. maria, why did you come here? why do you hate cnbc? why? or something like that. >>> plus there's real news today as well. have you seen this video? a school bus driver caught on camera smacking a student with a broom? unbelievable. the rest of the fight and the words from the bus company coming up. >>> the biebs has just dropped a new video. the jailhouse sobriety test. it's going to be great. it's our first look at these recordings, and we'll show them to you in this hour. it's bartiromo wednesday. so let's get to it. >>> happy wednesday to you and first from the fox news des this can afternoon, the united states is telling russia stand down. and warning that it does not need a new cold war c confrontation. it came from the secretary of state john kerry as the russians prepare to show off their military might. a move that has western leaders warning we will be watching. the russian president vladimir putin ordered an urgent drill for troops in western russia. that's along the country's bo
but then germany and austria was much more through the taxation offices having to pay certain taxes. and later as we move into the occupied countries, poland and holland and working with the banks that were taking over the jewish assets, and i think the most well known organization is easily referred to as the er or and that is an arm that was originally to be confiscating the propaganda that would be something the nazis were trying to subdue and it turned into an arm for confiscating the assets in france and belgium. so i think it's important you do is the term nazi try to keep inp in mind it is a bureaucratic effort from the top down. from where it was going to go as we all know hitler had to go and then the other leaders were collecting because they thought it showe showed them to be civid people and they were collecting them for themselves. but like any regime, i think that like many other nighties really -- not seized. could you stick to their advantage. >> did they support the war effort? >> they definitely saw the currency of the art, so the art that was to the regime and that you are f
, we can't.for it, so we can't pass it. those same people want to give tax breaks to companies that take jobs and factories overseas. we say we can't find the money to find a caregiver the support he needs to care for his wife, a veteran. we fight a decade-long war in afghanistan that goes unpaid for. we can't find the resources to ensure the very people who fought that war will be cared for. it would be a little more simple than that. when a business -- when a company closes down in springfield, ohio, or springfield, massachusetts, and moves to wuhan china or shihan, china, they can deductible the cost of closing the plant in springfield and deduct the cost of opening in china. that is a loophole we'd close, helping our communities, helping our tax base. and it would mean those companies wouldn't be deducting that move. and that money could then be used for these veterans programs. but, no, they say we can't find the money. mr. president, it's important to end this filibuster and pass this bill. mr. president, i ask that my -- the following remarks be in a different part of th
parliament and they are already the only autonomous republic in ukraine. a lot of it is about money, taxes, revenues, they want that to stay here and that is what they are talking about now. we are not hearing words about succession for now. but certainly most of the people here are looking towards the east, are looking toward russia where they say they feel much more kin ship and think what happened in kiev they were not consulted really kind of marginalizes them and especially unhappy that kiev made a ukraine the ukraine the official language because people here speak russia. >> reporter: and jennifer class is there this morning and i want to go to phil who is joining us from moscow and phil after going into hiding former president victor yanukovich has suddenly emerged in russia and set to speak here if a couple hours, what has he been up to, do we know anything about his plans? >> well, thomas we know he expects to hold a press contrends and this will be his first appearance publically since he was ousted from kiev. we are being told it will happen in the town on don and not confirmed
coup deposed him in 2006. the opposition says it wants to get rid of what it calls the taxing regime. her supporters have promised not to allow that to happen. the problem now is that there is a potential for a violent showdown. >> aljazeera continues to demand the release of its staff held in egypt. they have enough spent 62 days in prison, accused of having links with a terrorist organization and spreading false news. aljazeera rejects the charges. another aljazeera journalist has been held since august. still to come, cuba's new billion dollar port, but could it take business away from its caribbean neighbors. >> behind lego's success. >> the man in the mask turns the heat on the new york knicks. joe will be here with a sports update. ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainme
their secrecy but tax cases have threat tight end industry. could storage be an alternative? >> this is the future of the country. to store data, the next currency. >> considering an i.p.o. on the nasdaq with plans to build bunkers like this one all across switzerland. >> you will update and upgrade to your personal cloud here in this mountain. >> will the echoes compromise the data? >> no. >> but it won't leave the mountain. >> hans joins us now. hans, i have to say, you go around switzerland and there are lots of these bunkers there, the mountains just riddled with them if you're a swiss national, you spend a bit of time in the army, you spend a bit of time in them. how big can this get? >> this one was three stories. there are 60,000 bunkers that can be converted. maybe about 200-300 meters deep. room after room. it was hard to get a real good sense. they would not give us a map. i asked for one. we were just walking around. they are giant caverps full of mountain water, pools. room after room. the important thing is what they were talking about, given what happened on ca
will unveil his $4 trillion election year budget plan today. it will include new tax breaks for 13 million low-income workers, but will not include proposed cuts to social security benefits. >>> and here's one sign that the u.s. economy is on the mend. more people are driving to work. a new survey finds that congestion on the roads is 6% worse now than a year ago. and commuters in the ten most congested cities now spend an average of 47 hours per year stuck in traffic. that's more than a week's vacation. and, yes, i'm selling that to you as good news. >>> and a federal appeals court has ordered bp to resume paying businesses that claim they suffered losses after the gulf oil spill in 2010 even if the businesses provide no proof of those losses. the oil giant stopped processing claims in december saying there would be no end to the payouts. estimated losses could top $9 billion. >> lara, is that you? >>> one other business headline this morning. radio shack plans to close as many as 1100 stores across the country as it struggles to cut costs. radio shack's stock is down sharply this morning. >>
Search Results 0 to 39 of about 40 (some duplicates have been removed)